Acca aaa s21 Notes

6. Material misstatement/‘adverse opinion’
Finally, a modified opinion when one or more material misstatements are so significant that the 
auditor concludes that the financial statements are not presented fairly. Here the matter in dispute is 
the basis of accounting used in the preparation of the financial statements which is clearly pervasive.
Adverse Opinion
We have audited ...
In our opinion, because of the significance of the matter described in the 
Basis for Adverse 
Opinion
section of our report, the accompanying financial statements do not present fairly ...
Basis for Adverse Opinion
The Company's financing arrangements expired ... and is considering filing for bankruptcy ... a 
material uncertainty exists... The financial statements do not adequately disclose this fact ... 
September 2021 to June 2022 exams
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OTHER ASSIGNMENTS
Chapter 26
TYPES OF ASSIGNMENT
1. Introduction
This chapter classifies and briefly describes the various types of assignment that accountants might 
be involved with. The main classifications are:
๏
Assurance engagements
๏
Related services ('non-assurance engagements')
2. Assurance engagements
2.1. Audits and reviews of historical information
๏
Reasonable assurance engagement, such as a statutory audit. The auditor expresses an 
opinion
whether the financial statements are presented fairly (ie 
positive
assurance). ISAs apply.
๏
Limited assurance engagement, such as a review engagement (eg of interim financial 
information), in which the practitioner